About

Founded by brothers Abhishek Sinha and Abhinav Sinha in 2007, with its patented technology and with money remittance as a core service, it has partnerships with over 11 allied services that assist the typical Indian to make digital transactions in cash, thereby creating a data trail. Through Eko, you can make utility bill payments, recharge for prepaid telephony and prepaid television, make cross-border transfers from India-to-Nepal, buy health and auto insurance, do online shopping and Aadhaar-enabled payment services and MSME lending.Eko enables its merchants to service cash customers with online transaction needs. It has built a high- velocity, small-value, cash collection capability that is already collecting and converting over US$8 million in cash to digital money every day. On this foundation of cash collection capability, Eko is creating a mechanism to serve cash customers on its digital platform.Ekos network extends beyond 100k merchants across 150 Indian cities. As on today, Eko processes over US$230 million in transactions per month and has created Indias largest cash-to-digital network. Through these online transactions and the corresponding data, Eko is empowering its merchants and customers by helping them build a transaction history and credit score. This data trail will help customers to borrow at commercial rates. Through this model Eko has already extended loans in excess of US$150 .

Focus

PRODUCTS & SERVICES

Mobile Banking, Cash Management, Money transfers, Payments - Provides all these services via local merchants who act as agents. Currently the company is focused on developing wallet solutions and apps for consumer money transfer/remittances. (Fundu, an app that allows every user to be an ATM by leveraging NPCI's UPI infrastructure is in the alpha-testing phase) Eko provides a low cost financial transaction alternatives at remote customer locations.

REVENUE MODEL

Eko generates revenue by charging fee for deposits and withdrawal transactions. The fees varies based on the banking partner and type of service provided - varies from 1-2.5%.

MAIN CLIENTS

Consumers and retailers

EXISTING PARTNERSHIPS

NPCI

ICICI bank

Yes bank

SBI

IndusInd

RBL - to power Eko Wallet services. Business Correspondent for SBI and ICICI

as a distribution partner for Bharati AXA Life Insurance. Pine labs - to provide money transfer services at POS. Prabhu Money Group - To provide Indo-Nepal remittance services.

PRIMARY PROBLEM SOLVED

Eko converts cash to digital and enables payments for 11 services provisioned by 23 service provider partners. These include, domestic money transfer, utility bill payments, recharge for prepaid telephony and prepaid television, cross-border transfers from India-to-Nepal, health and auto insurance, online shopping, Aadhar enabled Payment Services and MSME lending. Eko has an open platform and extends APIs, SDKs, widgets, and white-label UI for both service provider partners and network partners to plug into the platform. Over 180 partners, mostly regional networks spread across the country, plug into Eko’s platform to acquire customers (issue Eko wallets) and merchants.

COMMENT

Eko provides banks and customers at remote locations with ways to do financial transactions without requiring to open branches and involving bank staff. Promotes financial inclusion services (targeted to the unbanked and underbanked).